Thimble has been selected to the Lloyd's Lab innovation accelerator program to develop solutions specific to COVID-19. It will develop low-limit parametric contingent business interruption coverage to protect businesses from this and future pandemics. Its goal is to make insurance a "first line of defense" that pays small businesses immediately if specific criteria are met, "while governments figure out the rest.
"No private company can maintain a balance sheet big enough to pay those claims and survive. We can, however, sell smaller policies with lower limits, that would pay out programmatically and instantly if criteria are met-- for example, if all the businesses within a certain ZIP code are forced to close. We're thrilled to have the support of Lloyd's on this vitally important program, as we chart the course for recovery and renewed confidence for our small business partners," said Jay Bregman, CEO and Founder of Thimble.
More than 140 applications were received from across the world for the fifth cohort of the Lloyd's Lab, which begins on September 7.